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LTV's threat to securitization - Is it over or just beginning? By David P. Jacob and Joshua P. Phillips, Nomura Securities

The pending bankruptcy case involving LTV Corporation initially involved a challenge to the underlying concepts of securitization. In the early phases of the case, LTV Corporation attacked two of its own securitizations; one backed by its trade receivables and one backed by its inventory.

As the cases progressed, LTV...

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